Heavy buyer demand and low rates send home sales surging amid COVID-19 pandemic
The National Association of Realtors (NAR) pending home sales index, a future-looking indicator of completed sales based on signed contracts, posted a staggering comeback in May, the latest month for which data is available. The index spiked 44.3 percent, registering the highest month-over-month increase since its inception in 2001.
On a state level, in Illinois, home sales and prices climbed higher in August as inventory and interest rates hit historic lows. And, we are seeing this very same trend of increased sales when we drill down further and look specifically at the community of Wheaton, Illinois.
As we drill down further, you can see in the graph above, home sales in Wheaton have continued to climb, month over month, surpassing 2019 numbers consistently. It is clear, the housing market continues to recover strongly, fueled by low mortgage rates. This high demand and low inventory is creating a very unique housing market that benefits both sellers and buyers.
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For sellers, the inventory shortage, combined with the incredible demand, means there has never been a better time to consider selling a home. With interest rates as low as 2.2-2.5%, buyers are more motivated than ever to take advantage and pull the trigger on purchasing a home. If you’re looking for a mortgage lender you can trust, reach out to Dan Palumbo. Dan is the owner of First American Mortgage, located in Wheaton. He has over 15 years of experience helping people with home financing and refinance mortgage services.
This surge of demand creates a rewarding market unlike anything we’ve ever seen, for both buyers and sellers. If you are in the position to buy or sell a home, now is a great time to take the steps to make your dreams a reality. Curious what your house is worth? Sam offers a free market analysis of your existing home. This is a great place to start.
Do you have other questions about the current housing market? Sam is here for you! Give her a call or shoot her a text and she can help you through the entire process. She is a real estate expert capable of navigating both sides of the real estate equation; buying and selling.